Toronto, Ontario--(Newsfile Corp. - December 3, 2025) - Cathedra Bitcoin Inc. (TSXV: CBIT) (OTCQB: CBTTF) (the "Company", "Cathedra", "we" or "us"), a bitcoin company that develops and operates digital infrastructure assets, is pleased to announce the following corporate and operational updates. The Company continues to advance its strategic expansion by building out new infrastructure, executing on a disciplined operational plan designed to increase capacity and optimize for efficiencies, improve site diversification, and enhance long-term power stability.
10 MW Hosting Partnership with Sphere 3D Mining
The Company has entered into a new 10 megawatt (MW) hosting agreement with Sphere 3D Mining Corp. This agreement strengthens the Company's strategy of distributing operational exposure across multiple hosting providers while maintaining flexibility in deployment scheduling. Initial machine onboarding commenced in November 2025.
Continuation of Hosting Partnership with Compass Mining
Further to the Company's previously announced partnership on October 24, 2024, the hosting relationship with Compass Mining will continue as planned. Under the partnership, Cathedra hosts 10 MW of Compass Mining's equipment at one of Cathedra's data centers in Kentucky. As part of the partnership, Compass Mining operates the site and pays pass-through power costs plus 50% of net profits (defined as net mining revenue less cost of power) to Cathedra in bitcoin.
Brickyard Site Expansion to 15 MW
The Company has secured approval for a 5 MW expansion at its Brickyard site in Kentucky, bringing the total planned capacity of the site to 15 MW. Construction is expected to begin in December. The Company anticipates this project being completed in a similar timeframe as the recently added 15 MW of power capacity, bringing its total power capacity to 50 MW.
Equity Grants
Pursuant to the Company's Long Term Incentive Plan (the "LTIP"), the Company has granted an aggregate of 235,000 restricted share units ("RSUs") and 500,000 share purchase options (the "Options" and together with the RSUs, the "Equity Awards") to certain directors and executive officers of the Company. The stock options have an exercise price of CAD $1.42 per share, equal to the closing price of the Company's common shares on the facilities of the TSX Venture Exchange on the grant date, and representing fair market value as determined under the LTIP. The Equity Awards were granted in accordance with the LTIP and are intended to further align the interests of the Company's leadership team with those of its shareholders, motivate sustained performance, promote retention of key talent, and drive long-term value creation. The Equity Awards are subject to multi-year time-based vesting schedules, as well as the standard terms and conditions contained in the applicable award agreements and the LTIP.
Closing of Private Placement
Additionally, the Company is pleased to announce the closing of a non-brokered private placement of an aggregate of 430,000 units of the Company (the "Units" and each, a "Unit") at a price of CAD $1.25 per Unit for aggregate gross proceeds of CAD $537,500 (collectively, the "Offering"). Each Unit consists of one subordinate voting share and one subordinate voting share purchase warrant, with each warrant entitling the holder thereof to acquire one additional subordinate voting share at an exercise price of CAD $1.88 per share for a period of two years following closing of the Offering. The Company intends to use the net proceeds from the Offering to advance ongoing infrastructure development and power expansion.
Management Commentary
"The Company continues to execute on a disciplined growth plan across both hosted and self-managed infrastructure," said Joel Block, CEO of the Company. "I am proud of the team for their hard work continuing to leverage our relationships with our various utility partners to continue to find proprietary opportunities. This type of internal deal flow allows us to minimize the time from signing to turn on, as evidenced by our most recent project. The Brickyard project is the latest example of the value of working directly with our utility partners, and the Company continues to benefit by not having to overpay for sites. Furthermore, the successful closing of the Offering provides the Company with the financial flexibility to accelerate key development milestones and strengthen its balance sheet, while the minimal dilution and inclusion of full warrant coverage reflect continued strong support from new and existing shareholders. Combined with the recently issued Equity Awards to directors and officers, these steps meaningfully align our leadership team with shareholders and ensure we have both the capital and the motivated talent required to execute our growth strategy and deliver long-term value. We remain excited by the diversification and credit quality of our new and continued relationships with hosting partners and will continue to look to further optimize our power portfolio."
About Cathedra Bitcoin Inc.
Cathedra develops and operates power and digital infrastructure assets across North America. The Company hosts bitcoin mining clients across its portfolio of four data centers (45 MW total) in Tennessee and Kentucky. Cathedra also operates a fleet of proprietary bitcoin mining machines at its own and third-party data center, producing approximately 400 PH/s of hash rate. Cathedra is headquartered in Vancouver and its subordinate voting shares trade on the TSX Venture Exchange under the symbol CBIT and in the OTC market under the symbol CBTTF. For more information about Cathedra, visit cathedra.com or follow Company news on Twitter at @CathedraBitcoin or on Telegram at @CathedraBitcoin.
For media and investor relations enquiries, please contact:
Joel Block
Chief Executive Officer
+1 (604) 259-0607
ir@cathedra.com
Forward-Looking Statements
This news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company, the potential or intended impacts of commercial arrangements, as well as the issuance of the Equity Awards and the Offering, and timing of milestones relating to the Brickyard project are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made. The Company has also assumed that no significant events occur outside of its normal course of business.
Additionally, these forward-looking statements may be affected by risks and uncertainties in the business of Cathedra and general market conditions. Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect Cathedra's management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Cathedra believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: changes in the Company's relationships, including with regulatory bodies, employees, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation and the costs associated with compliance; unanticipated costs; changes in market conditions impacting the average revenue per MWh; the risks and uncertainties associated with foreign markets; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine Bitcoin is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; and the power purchase agreements and economics thereof may not be as advantageous as expected. Additionally, the forward-looking statements contained herein may be affected by risks and uncertainties in the business of Cathedra and general market conditions. For further information concerning these risks and uncertainties and other risks and uncertainties, please see the Company's filings under its SEDAR+ profile on www.sedarplus.ca, including but not limited to the Company's management information circular dated October 30, 2025 and the Company's most recent interim and annual management discussion and analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended and such changes could be material, including factors that are currently unknown to or deemed immaterial by the Company. Readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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